Looking at those figures in more detail, the population of the GCC countries will grow from 53 million today to over 71 million by 2050.
Cara Turner, brand director – pharma, UBM Europe, Middle East and Africa (EMEA), the event organiser, said: “It is estimated that there will be almost 18 million people over the age of 60 years, living in the GCC by 2050, representing 25 per cent of the total population, a significant increase over the current number which is reckoned to be just over two million.
“The issue of an ageing population is not confined to the GCC, it is a global issue. In Italy, Greece and Spain, for example, the over 65s alone will account for 35 per cent of their total population by 2050,” she said.
“So, this not only presents regional governments with major fiscal challenges, allocating sufficient amounts to their healthcare budgets over the next 20-30 years, but it also presents pharma-related companies with opportunities to grow in tandem with market demand, which is currently worth in excess of $40 billion,” added Turner.
The event is the region’s leading platform that brings together pharma ingredients, product manufacturers, suppliers and buyers covering every step of the pharma supply chain from drug research and discovery to finished dosage.
Supported by Abu Dhabi Chamber of Commerce and Industry, the event is set to attract attendees from the Middle East and Africa (MEA), of which the Mena region accounts for 4 per cent of the global pharma market, and the rest of the world.
Over 294 local, regional and international exhibitors from more than 35 countries are expected to attend the three-day showcase.
In addition to the global network of exhibitors, the event is expected to attract over 4,900 participants, more than 50 per cent of which will come from the MEA region, said a statement from the organisers.
Apart from an ageing and growing population, other key market growth drivers include obesity and chronic diseases including diabetes, cardiovascular disease and oncology; private medical insurance that all expatriate residents must carry; medical tourism and the development of domestic manufacturing, it said.
Turner continued: “However, the complex regional markets are not easy to access nor navigate. Multiple layers of regulation, different standards, dual language, taxation, import and export, pricing and company formation.
“In addition to providing a platform to meet, and to conduct business, the event will provide networking platforms for professionals across the spectrum of the pharma market to discuss these issues and forge partnerships and alliances,” she added.
The exhibition space at CPhI is broken down into five distinct sectors of the pharmaceutical industry:
• CPhI: Brings together buyers, manufacturers and suppliers of pharmaceutical ingredients;
• FDF: Meet with manufacturers from every aspect of the finished dosage supply chain;
• ICSE: Connects the pharma community with CRO and CMO companies and technologies;
• P-MEC: Showcases the newest pharmaceutical machinery, equipment and technology providers;
• InnoPack: Hosts the latest innovations in packaging, integrated solutions and drug delivery systems.
The exhibition will also feature Live Pharma Connect, a free service open to visitors and exhibitors allowing both parties to make pre-arranged pharma specific, mutually beneficial meetings during the event.
Running in parallel to the exhibition will be a range of content sessions addressing the latest trends in the market, a range of keynote addresses, as well as a host of networking opportunities, added the organisers.
Jerome Carle, general manager, Julphar, said: “This event gave us the opportunity to showcase our innovative healthcare solutions to potential partners as well as existing customers, whilst also staying up-to-date with the latest trends and technology.
“It is a timely and relevant addition to the CPhI series of events, given the current market dynamics in the Mena region,” he added.
– TradeArabia News Service
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